Is it possible to cancel the extended warranty if you have never used it?

 

Thanks for replying. Does that also hold true if you are still paying the car off?

 

no way, It's a signed deal, why do you want to cancel your warranty

 

my car is just a year old and my tranny went out, if i didn't have that extended warranty, i'd be screwed

 

You CAN cancel the warranty if you want.....I have done it before on another car I had owned.

What they do is they see how long you have owned your car and then they will determine a deppreciation value on the warranty, if it's only been a year, you get most of your money back.

What happens is that if you have financed your car, the warranty money actually gets mailed from the dealer to the people you have the loan with.

So in other words....they pay off some of the car.....your monthly payment DOES NOT decrease you just don't pay as many payments.

Extended warranties are only good if you plan on keeping your car a long time. With me I usually trade cars in 2 years so I never have any use for an extended warranty.